News Shots 

One97 Communications, the parent company of Paytm disbursed loans worth Rs 2,180 crore in the October-December quarter, up 73% QoQ. Gross merchandise value for Q3 stood at Rs 2.5 lakh crore, up 28% QoQ. Average monthly transacting users rose to 6.44 crore in Q3, up 12.5% QoQ. The company also deployed over 20 lakh devices in Q3, up 54% QoQ

Axis Bank approved the re-appointment of Rajiv Anand as deputy MD for 3 years.

Bank of Baroda has cut overnight MCLR from 6.50% to 6.45% effective Jan. 12, 2022.

Take Solutions defaulted on loans of nearly Rs 238 crore from Siemens Bank and IndusInd Bank as of 31st December 2021.

SJVN has been granted a Category ‘I’ license for inter-state trading in electricity in the whole of India by Central Electricity Regulatory Commission.

Timex Group India is granted rights for Guess and GS Branded watches in India

RPSG will consider the fundraising proposal on 13th January.

What to expect? 

Yesterday, NIFTY opened with a gap-up at 17,923 and looked volatile. NIFTY got exhausted as it approached 18,000 but took support at 17,900 and bounced back. The index consolidated for a while before it broke out in the last hour. NIFTY closed the day at 18,003, up 191 points or 1.07%.

BANK NIFTY opened with a gap-up at 37,950 and was stronger than NIFTY for another day. The index was volatile and traded in a range throughout the day. But the last hour breakout gave momentum to the index and BANK NIFTY closed the day at 38,348, up 608 points or 1.61%.

NIFTY AUTO (+1.87%)  performed well whereas NIFTY PHARMA(+0.01%) consolidated.

The US markets closed the day in the red though there was a good attempt to recover and NASDAQ closed slightly in the green. The European markets closed in the red with DAX falling by more than 1% after opening with a gap-up.

The Asian markets are down following the west. The U.S. Futures and the European futures are slightly in the green except CAC futures.

SGX NIFTY is trading at 18,004 indicating a flat to a gap-down opening in NIFTY.

Major supports for NIFTY are at 17,950, 17,900, 17,850, 17,800, 17,725 and 17,650. There are resistances at 18,000, 18,110, 18,210, 18,270 and 18,340.

BANK NIFTY has supports at 38,250, 38,100, 38,000, 37,700 and 37,500. Resistances are at 38,350, 38,500, 38,700, 39,000 and 39,100.

NIFTY has the largest call OI build-up at 18,500. The largest put OI build-up is at 17,800.

BANK NIFTY has the highest call OI build-up at 38,500 and 39,000 almost equally and the highest put OI build-up is at 38,000.

INDIA VIX is at 17.68.

Foreign Institutional Investors net sold shares worth Rs 124 crores. Domestic Institutional Investors net bought shares worth Rs 482 crores. 

BANK NIFTY closed the day with a green candle for another day. There were volatile moves in the day killing the intraday traders. The up-move has taken the index to a crucial level. It will be interesting to see how BANK NIFTY react at 38,500. The level also has the highest call OI build-up along with 39,000. 

It was mixed sentiments in the IT sector. TCS that had a strong weekly close on Friday struggled today after the gap-up opening. Wipro dragged the index down whereas Infosys opened flat and gave a good up-move. It is important to watch the IT stocks as we have results announcement of three among them on Wednesday.

The open interest data gives a bullish view as there has been call unwinding and aggressive put build-up in both NIFTY and BANK NIFTY. If 38,500 is breached, there can be a short-covering rally as well. However, 18,110 is a strong resistance for NIFTY. 

Since the global markets had a negative bias yesterday, NIFTY may open below 18,000 and there is a chance that 18,000 will be tested again. Retracements are good for the market as it ensures that sharp profit-booking does not shake the investors. I will be closely watching the support at 17,950. For confirmation on the upside, 18,110 has to be broken.

Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!